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2019-02-13 10:18:28

DE

Deere

$163.47

-1.78 (-1.08%)

, ED

Consolidated Edison

$77.26

-1.34 (-1.70%)

…10:18

02/13/19

02/13

10:18

02/13/19

10:18

Fly Intel: Top five analyst downgrades

Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Deere (DE) downgraded to Neutral from Buy at BofA/Merrill with analyst Ross Gilardi saying he views risk/reward as more balanced heading into Friday's Q1 report following recent share outperformance. 2. Consolidated Edison (ED) downgraded to Underperform from In Line at Evercore ISI. 3. Clearway Energy (CWEN) downgraded to Sell from Neutral at Guggenheim with analyst Shahriar Pourreza saying he expects the company to announce a dividend cut in the next few days after his discussions with key stakeholders and the management, adding that "at a minimum," the company's cash may be "locked up at the project level for a pronounced period of time." 4. Huntsman (HUN) downgraded to Neutral from Overweight at JPMorgan with analyst Jeffrey Zekauskas saying the company has its work cut out to reach its own adjusted EBITDA forecasts for 2019. 5. Aquantia (AQ) downgraded to Equal Weight from Overweight at Morgan Stanley and to Market Perform from Outperform at Raymond James. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Argus analyst John Eade kept his Buy rating on Deere and raised his price target to $170 after its management raised its mid-cycle operating margin target to 15% from 12% in a meeting with sell-side analysts yesterday. The analyst notes that while the stock has been impacted by the trade tensions, he expects Deere to generate "continued earnings power in the quarters ahead".

Goldman Sachs analyst Michael Lapides last night upgraded Consolidated Edison to Neutral from Sell and raised his price target for the shares to $73 from $72. The analyst is more positive on the shares following the underperformance in 2018. Further, to reflect improved regulated earnings and renewable growth in 2019, Lapides slightly increased his long-term estimates for Consolidated Edison.

01/18/19

BOFA

01/18/19DOWNGRADEBOFANeutral

Consolidated Edison downgraded to Neutral from Buy at BofA/Merrill

BofA/Merrill analyst Julien Dumoulin-Smith downgraded Consolidated Edison (ED) to Neutral and trimmed his price target to $80 from $83 citing a series of cautious datapoints. The analyst cites exposure to PG&E (PCG), pipeline permitting headlines that are cautious including risks to its MVP project, and potential further negative earnings revisions.

02/12/19

EVER

02/12/19DOWNGRADEEVERUnderperform

Consolidated Edison downgraded to Underperform from In Line at Evercore ISI

CWENClearway Energy

$14.17

-0.5 (-3.41%)

01/07/19

GUGG

01/07/19DOWNGRADEGUGGNeutral

Clearway Energy downgraded to Neutral from Buy at Guggenheim

01/07/19

GUGG

01/07/19DOWNGRADEGUGGNeutral

Clearway Energy downgraded to Neutral at Guggenheim

As previously reported, Guggenheim downgraded Clearway Energy to Neutral from Buy and cut its price target to $17 from $22. Analyst Shahriar Pourreza expects Clearway shares to work but said it will take time as more comfort is gained with the sponsor, contract quality, and pipeline opportunities.

As previously reported, Guggenheim analyst Shahriar Pourreza downgraded Clearway Energy to Sell from Neutral and lowered his price target to $11 from $17. The analyst expects the company to announce a dividend cut in the next few days after his discussions with key stakeholders and the management, adding that "at a minimum", the company's cash may be "locked up at the project level for a pronounced period of time". Pourreza also lowers his forecast for Clearway Energy 2019 EBITDA to $818.6M from $1.07B.

HUNHuntsman

$22.85

-0.15 (-0.65%)

02/13/19

JPMS

02/13/19DOWNGRADETarget $24JPMSNeutral

JPMorgan downgrades Huntsman to Neutral with $24 price target

JPMorgan analyst Jeffrey Zekauskas downgraded Huntsman (HUN) to Neutral from Overweight and lowered his price target for the shares to $24 from $25. The company has its work cut out to reach its own adjusted EBITDA forecasts for 2019, Zekauskas tells investors in a research note. Further, the analyst believes "other higher-quality intermediate chemical companies," such as Eastman Chemical (EMN), have higher free cash flow generation per share and less risk to their 2019 earnings profile.

02/13/19

JPMS

02/13/19DOWNGRADETarget $24JPMSNeutral

Huntsman downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Jeffrey Zekauskas downgraded Huntsman to Neutral and lowered his price target for the shares to $24 from $25.

11/02/18

SBSH

11/02/18NO CHANGESBSHNeutral

Citi closes negative catalyst watch on Huntsman

Citi analyst P.J. Juvekar closed his negative catalyst watch on Huntsman following the recent pullback in the shares. He keeps a Neutral rating on the name.

10/31/18

KEYB

10/31/18NO CHANGETarget $36KEYBOverweight

Huntsman price target lowered to $36 from $42 at KeyBanc

KeyBanc analyst Michael Sison lowered his price target for Huntsman to $36 from $42, while reiterating an Overweight rating on the shares as he believes the company is better positioned to post steady results when commodity MDI comes off its peak. The analyst continues to see solid volume growth in differentiated MDI and recovery in Performance Products.

AQAquantia

$7.32

-2.58 (-26.06%)

02/13/19

NORL

02/13/19NO CHANGETarget $9.5NORLOutperform

Aquantia technology valuable to a strategic buyer, says Northland

Northland analyst Gus Richard lowered his price target on Aquantia to $9.50 from $10.00 after the company reported results and guidance that he said "were atrocious," continuing a trend of several misses since going public. While he acknowledges the stock will "be punished today," Richard keeps an Outperform rating on Aquantia shares as he believes that the company's technology is valuable to a strategic buyer who can create operational efficiencies.

02/13/19

02/13/19DOWNGRADEMarket Perform

Aquantia downgraded to Market Perform from Outperform at Raymond James

As previously reported, Raymond James analyst Chris Caso downgraded Aquantia (AQ) to Market Perform after its Q4 earnings miss and a "significant" cut to its 2019 expectations. The analyst notes that he is typically reluctant to make rating changes after earnings, but sees the latest reported quarter as "thesis changing", citing the most serious weakness coming from the company's largest customer - Intel (INTC). Caso adds that Aquantia's revenue is expected to fall "sharply due to a combination of excess inventory" and a market opportunity that is "much lower than expected."

As previously reported, Morgan Stanley analyst Joseph Moore downgraded Aquantia (AQ) to Equal Weight from Overweight, stating that the company's large shortfall in its enterprise business in Q4 and guidance for a severe correction in its data center business throughout next year is "a thesis changer." While he still thinks that the company has a strong position, Moore said strong growth in the PC and settop box business and solid growth in enterprise will not be enough to offset the Intel (INTC) weakness. The analyst, who also thinks the company's lack of visibility into trends at Intel has been surprising, cut his price target on Aquantia shares to $9.00 from $12.50.